Multi-Family Development
For Sale
$1,299,000
368 Essex Avenue, Gloucester, MA 01930
3.7-acre parcel with a three-family home and an additional lot, zoned R20 with potential ANR subdivision (subject to approvals).
Property Size3,831 SF
Lot Size3.70 Acres
Price / SF$339.08
Days on Market332
Property Features for 368 Essex Avenue
General Information
Standard status
Active
Size
3,831 SF
Lot size
3.70 Acres
Property subtype
Multi-family
Zoning
R20
Additional Details
Multifamily Units
3
Building Details
Year Built
1920
Listing Agency:
Churchill Properties
Listed By:
Antonia Frank
(508) 287-2695
Source:
Demakis
Added: Sep 16, 2025
Changed: Aug 8
Last Checked: Jul 10 at 11:31AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Churchill Properties
Investment Insights
Based on property information with market context.
This offering includes a 3.7-acre parcel in West Gloucester sold together, featuring a spacious three-family home on 2.44 acres plus an additional 1.26-acre lot. The existing property provides three units for immediate income potential and may suit multi-generational living arrangements.
The property is identified as zoned R20, with potential for up to 5 ANR lots, subject to buyer due diligence and applicable approvals. The land configuration offers room for a variety of uses, whether maintaining the current home and units or pursuing subdivision possibilities in accordance with local requirements. Address: 368 Essex Avenue, Gloucester, MA 01930.
The property is identified as zoned R20, with potential for up to 5 ANR lots, subject to buyer due diligence and applicable approvals. The land configuration offers room for a variety of uses, whether maintaining the current home and units or pursuing subdivision possibilities in accordance with local requirements. Address: 368 Essex Avenue, Gloucester, MA 01930.
Key Highlights
- 3.7‑acre parcel in West Gloucester with an existing three‑family home plus an additional 1.26‑acre lot, sold together
- Built in 1920: three‑family residence with three units for rental income or multi‑generational living
- Zoned R20 with potential for 5 ANR lots (subject to buyer due diligence and approvals)
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$64,538
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.97%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,290,760
$1.3M
Cap Rate 7%
$921,971
$922.0K
Cap Rate 9%
$717,089
$717.1K
Market Conditions
NOI Build-Up for 3,831 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$96.5K $25.20/SF
− Vacancy
−$4.3K −$1.13/SF
EGI
$92.2K $24.07/SF
− OpEx
−$27.7K −$7.22/SF
NOI
$64.5K $16.85/SF
Area
Essex County, MA
Vacancy
4.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,290,760
Cap Rate 7%
$921,971
Cap Rate 9%
$717,089
Alternative Uses
Best Use
Multifamily LT 5
$922.0K
$806.7K – $1.08M
NOI $64,538 @ 7.0% cap · market cap 4.97%
Second Best
Apartment 5plus
$832.2K
$728.2K – $970.9K
NOI $58,256 @ 7.0% cap · market cap 4.48%
Theoretical Best
Office A
$2.27M
$1.98M – $2.65M
NOI $158,756 @ 7.0% cap · market cap 12.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
58
Businesses Nearby
Explore this area
Business Placement
Demographics for 01930, MA
29,729
Population
14,630
Households
2
Avg Household Size
50
Median Age
39%
College-Educated
94%
High-School Grad
26.2 sq mi
ZIP Area
1,135
Density / Sq Mi
$87,898
Median Household Income
$49,580
Median Earnings
$1,395
Median Rent
$587,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Triplex - 3.7-acre parcel with a three-family home and an additional lot, zoned R20 with potential ANR subdivision (subject to approvals).
Where is this triplex located?
The property is located at 368 Essex Avenue Gloucester, MA.
What is the asking price?
The asking price for this property is $1,299,000.
What are key features of this property?
This property features: 3.7‑acre parcel in West Gloucester with an existing three‑family home plus an additional 1.26‑acre lot, sold together; Built in 1920: three‑family residence with three units for rental income or multi‑generational living; Zoned R20 with potential for 5 ANR lots (subject to buyer due diligence and approvals)
